Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign exchange reserves have climbed to a five-year high of $43.4 billion, signalling renewed investor confidence and the positive impact of ongoing economic reforms.
Cardoso spoke at the Nigeria Investors Forum held in Washington, D.C, United States, on the sidelines of the IMF–World Bank annual meetings, where he led discussions on Nigeria’s economic outlook and reform progress.
The CBN governor said the rise in external reserves, which provides 11 months of import cover, reflects the cumulative effect of fiscal and monetary coordination, improved FX flows, and renewed trust in Nigeria’s policy direction.
“Nigeria’s focus remains clear, strengthening our fundamentals, advancing reforms, and unlocking opportunities for sustainable investment and growth,” Cardoso said.
“We are encouraged by the progress made so far and remain confident that ongoing reforms are laying a stronger foundation for a more resilient economy.”
Cardoso said the CBN and the ministry of finance have worked “hand in hand” to stabilise macroeconomic indicators, rebuild buffers, and restore transparency in monetary policy.
“Sound macroeconomic policies are beginning to yield results. There’s a strong correlation between disciplined economic management, growth, and disinflation,” he added.
During the forum, Mohammed Abdullahi, CBN deputy governor for economic policy, provided further details on the central bank’s policy trajectory, noting that reserves have been rebuilt even after clearing foreign exchange backlogs.
“Our gross reserves are at a five-year high of $43.4 billion as of October 10, enough to cover 11 months of imports,” Abdullahi said.
“This growth comes after clearing FX backlogs and improving liquidity across the market.”
He added that the naira has remained stable, with the exchange rate premium between official and parallel markets narrowing to less than 3 percent, compared to over 50 percent in 2022.
Abdullahi noted that inflation has also declined to 18.02 percent, its lowest level in three years, while capital inflows and remittances have strengthened Nigeria’s balance of payments.
The CBN, he said, continues to pursue orthodox monetary policies, transparency in FX operations, and alignment with fiscal reforms aimed at sustaining macroeconomic stability.
Follow the OSUNDOTLIFE channel on WhatsAppKindly share this story | All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from OSUNDOTLIFE.
Contact: editor@osun.life
WhatsApp: 📲 +2348092333666